Novo, Pfizer and Nan Fung helped provide $93.5m for the Stanford immunotherapy spinout as it advances its lead asset towards the clinic.
Bolt Biotherapeutics, a US-based cancer therapy spinout of Stanford University, yesterday closed a $93.5m series C round backed by pharmaceutical firms Pfizer and Novo, as well as property development group Nan Fung.
Venture capital firm Sofinnova Investments led the round, which also featured RA Capital Management, Surveyor Capital, Rock Springs Capital, Samsara BioCapital, Vivo Capital and undisclosed additional investors.
Pfizer invested in the round through its corporate venture capital arm, Pfizer Ventures, while Nan Fung took part through life science investment vehicle Pivotal BioVenture Partners.
Founded in 2015, Bolt is working on immunotherapies designed to fight tumours and equip the body’s immune system with the ability to respond to cancerous cells in future.
The company’s lead asset, BDC-1001, targets HER2-expressing solid tumours, and has shown promising results in preclinical studies. HER2 is a protein that promotes the growth of cancer cells.
The series C funding has been allocated to the clinical development of BDC-1001 and an expansion of Bolt’s product pipeline. Sofinnova Investments principal Jason Pitts will join its board of directors in connection with the round.
Novo previously contributed to a $54m series B round for Bolt in February 2019, investing alongside Nan Fung Life Sciences, a subsidiary of Nan Fung. Pivotal BioVenture Partners led the round, while Vivo Capital also contributed.
Bolt had earlier secured approximately $30m in funding altogether, according to securities documents. Novo and Vivo Capital were identified as returning shareholders for the series B round, though further details could not be ascertained.
– A version of this article first appeared on our sister site, Global Corporate Venturing.
